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Comment Re:Real problem, but inefficient solution (Score 1) 87

The main problem I have with a wealth tax is that it depends on the timing. I don't see any natural way to decide when it should be assessed. Also how do you decide what time period of wealth accumulation to consider? Maybe you can clarify how you justify it, but I think it's a can of worms,

Everyone is assessed once a year at tax time already. There's no technical problem assessing wealth per se. You fill a form with your data. Sign it. If you omit items and are found out, the IRS comes after you.

There's no time period in wealth tax. It's based on marking to market. At any time, you have a number which represents your total wealth. At tax time, you give %X of that number to the IRS according to a published schedule.

Comment Re:Real problem, but inefficient solution (Score 1) 87

Both the Saudis and the Chinese have such a clear incentive structure to help prevent the problem. Everyone knows that there is a line, and bad things happen if the line is crossed. But the exact location of the line is not known. This causes a chilling effect and cautious behaviour automatically.

I'm not sure that a profits tax is a good lever for your purpose. A much simpler, more powerful answer is a wealth tax. Money is power. Entities and People who have Money are therefore dangerous and should be cut down to size by slicing away their power automatically. Profits alone are once removed from the power, and depend on an arbitrary accounting mechanism which interferes with enforcement.

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